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Wednesday, November 18, 2009

 

keen on the depression


via rolfe winkler -- at the per capita policy exchange conference, october 2009. abandon all hope ye who enter here.

UPDATE: keen himself links to the same talk.

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One guy that gets it and proof that Summer, Geithner, Bennie and Romer et al are utter and absolute morons

 
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Off-topic, but this is a great transcript of Bob Toll

 
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It's odd that he traces the symptoms back to debt:GDP, but chooses to stop there. Why does he accept that as a root cause? He seems to be looking for a justification of debt regulation, so he settles on the conclusion that demonstrates that debtors are children that must be protected from themselves by regulators. In the U.S. at least, there is compelling evidence that regulation and other government intervention caused much if not all of the rise in debt. Of course, what caused that government behavior...?

 
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doesn't matter much, anon. the causation argument is circular -- everyone is at fault when the zeitgeist drives events.

the truth is that debtors are frequently like children and do need to be protected by regulators. regulators too are sometimes like children -- witness the petulant randian alan greenspan. historically there is LOADS AND LOADS of evidence that only strong proscription helps prevent debt bubbles -- beginning with highlining usury as sin in the major religions -- the debacle that began with garn-st germain and ended with the alternative net minimum capital rule for broker-dealers is just the most recent iteration. but every few generations the idiots who have forgotten will dominate the zeitgeist and repeal all the suidice-prevention rules and give the shoelaces and razors back to the banks -- even actively help them string themselves up. that's a fact of human systems i guess.

 
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dude,

your constant harping on the transgressions of the republican party; and your apparent tendency to steer readers of this blog to those pundits who apparently share your view on these and related subjects call into question your objectivity on the subject. I think we all get that perhaps loyal lockstep in allegiance with ayn rand and greenspan may have been misguided. However, that does not automatically absolve all the other dogmatism that seems to exist in the realm.

But then, no one can make a name for themself in the chattering world without an enemy I suppose; and there's no doubt that there are multitudes deserving of animosity so belay my last I suppose.

 
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anon, where in the above do i write the word 'republican'?

to get a mess this big, it takes both parties. garn-st germain was a bargain struck between reagan and tip o'neill. i think the GOP was probably the philosophical leader in the move to lawlessness, but both parties are deeply coopted to the ideology. robert rubin. larry summers. lloyd blankfein. it is the zeitgeist -- not a party, not wall street, not the government, but all of the above -- that drove this thing.

it's my opinion that the GOP is the current party of crazy -- but that has, can and will change. neither one seems to long hold a corner on nuts. that's got nothing to do with the fact that america -- not the republicans, not the democrats, but america -- has spent the last 30 years gutting the defenses it erected in the aftermath of the depression and is now suffering the consequences thereof.

 
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Fair enough, but 30 years ago was the end of the 70's. Not exactly a decade many people would want to revisit.

But I suppose that at least back then, the Fed had some balls. Now it appears that they're just a wholly owned subsidiary of the treasury.

 
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http://www.cnbc.com/id/34210760

 
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In my opinion Steve Keen is one of the smartest economists around. I know he's helped Mike "Mish" Shedlock a lot in formulating his deflation thesis, and he seems to make many insightful and logical arguments on why the Fed cannot prevent deflation from occurring.

Nonetheless, the Fed's appear hell bent on trying to avoid deflation at all costs. It has engaged in many reckless easy monetary policies that it supposedly feels will halt the decline in asset markets. I recently read several good articles on these topics at http://www.goldalert.com which further discuss the Fed and how its actions may affect the gold price and the dollar. I think they are very helpful for investors to check out to get a better understanding of the fragile economic situation we are in. There are many serious long term consequences of all the money printing that have yet to be felt but will most likely appear in due time.

 
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